Debt could surge to 90 billion under the Muizzu administration: Yameen
Former President Yameen has warned that the current administration's wasteful spending could drive the national debt to 90 billion rufiyaa within the next two years, noting that nearly 60 billion rufiyaa in debt has already been incurred during its short tenure without any substantial progress. Echoing these concerns, the MDP has also criticized the government for allegedly misrepresenting the reality of the country's debt and exacerbating the Maldives' deteriorating financial situation.
Former President Abdulla Yameen Abdul Gayoom speaking at a presser. | Raajje MV
Former President Abdulla Yameen Abdul Gayoom has stated that with two years remaining in President Dr. Mohamed Muizzu's term, the Maldives' national debt could potentially surge to 90 billion rufiyaa if the current administration continues its current trajectory.
Speaking at a gathering held by the People's National Front (PNF) on Sunday night, former President Yameen stated that the current administration is incurring significant expenditures. However, he noted that these spending efforts have failed to produce positive results or any work that benefits the public.
Former President Yameen stated that, given the current trajectory of national affairs and the country's fiscal standing, it is highly probable that the Maldives' debt could surge to 80 or 90 billion rufiyaa within the remaining two years of President Muizzu's administration.
"There are still two years ahead. If [President Muizzu] remains in power, it is entirely possible that this figure could escalate to 80 or 90 billion. What this administration is doing is spending; they are spending under various pretexts. However, they are not undertaking any substantive or meaningful work that yields productive results."Former President Abdulla Yameen Abdul Gayoom
Former President Yameen stated that President Muizzu and his administration have no standing to blame previous governments for the national debt. He noted that within just two and a half years, this administration alone has incurred debt close to 60 billion Rufiyaa.
Statistics released by the Ministry of Finance reveal that the Maldives' total state debt reached MVR 148.9 billion by the end of the second quarter of last year, with the debt incurred during the first two years of President Muizzu's administration alone amounting to MVR 38.1 billion.
The opposition Maldivian Democratic Party (MDP) continues to allege that the current administration is making significant efforts to misrepresent the reality of the national debt, while simultaneously increasing it at an unprecedented pace. Providing further details on the matter, Dr. Ahmed Shamheed, the Member of Parliament for the Hulhumalé South constituency, stated that the state debt stood at 122 billion MVR at the end of the MDP administration, but has now surged to 160 billion MVR.
